Financial and investment stewardship
Fairfield County’s Community Foundation is the third largest community foundation in Connecticut with total assets of $196 million. In 2008, the Fairfield County Community Foundation merged with the Greater Bridgeport Area Foundation. Our combined history includes over $220 million in grantmaking to nonprofits in Fairfield County and beyond.
In fiscal year 2016, the Community Foundation managed the following funds:
|Donor Advised Funds||$68.4 million|
|Field of Interest Funds||$36.8 million|
|Discretionary Funds||$24.5 million|
|Donor Designated Funds||$15.2 million|
|Scholarship Funds||$19.2 million|
|Agency Endowment Funds||$8.3 million|
|Administration Funds||$3 million|
The Community Foundation employs strict financial controls across our financial and accounting operations to ensure that contributed funds are managed and protected. A finance committee of the board oversees our budgets, activities and financial planning.
Finance Committee Members:
- Bob Eydt, Chair
- Ed Bescherer
- Ed Ford, Vice Chair
- Clay Fowler
- Greg Hartch
- Suzette Recinos
The Community Foundation’s audit committee oversees the annual audit and tax filings, and monitors accounting policies and practices. The chair of the audit committee oversees our Whistleblower Policy.
Audit Committee Members
- Briggs Tobin, Chair
- Amy C. Downer
- Ralph DePanfilis, CPA
- Ed Ford, Vice Chair
- Michelle Garvey
- Financial Audit 2016 [pdf]
- Financial Audit 2015 [pdf]
- Financial Audit 2014 [pdf]
- Form 990 (FY 2016) [pdf]
- Form 990 (FY 2015) [pdf]
- Form 990 (FY 2014) [pdf]
- IRS Form 1023 [pdf]
Each fund established at the Community Foundation reflects a donor’s trust in our ability to invest resources wisely.
The investment committee is responsible for determining the broad allocation of Community Foundation assets among various asset classes, the design of the investment structure for each asset class, the retention of investment managers and other professionals, and the monitoring of investment results.
When you establish a fund at the Community Foundation, you may elect from the following investment options:
- The Long Term Investment Pool
- The Money Market Pool
- The Balanced Index Fund
- The Investment Advisor Program (an option for funds $1+ million)
- Investment Advisor Recommendation Form [pdf]
- Investment Advisor Policy [pdf]
- Investment Policy and Guidelines
- Spending Policy for Fiscal 2017
The Community Foundation employs an independent investment consultant to advise the Investment Committee, monitor investments and make recommendations for changes. Our core investment pool is diversified across marketable and alternatives asset classes and managers to enhance investment results during both positive and negative market periods. During the year ended March 31, 2015, assets declined by -5.2% net of fees and underperformed our allocation benchmark by -2.0%. Returns over the past 10 years exceeded benchmarks by 1%.